The Last Day to File Taxes in 2017 (Don’t Forget!)

No big surprises this year. The last day to file taxes in 2017, for the 2016 tax year, is April 18, 2017.

This is a few days later than the normal mid-April date since April 15, 2017, falls on a Saturday, and Monday, April 17, is the date of observance for a Washington, D.C., holiday known as Emancipation Day. So the tax deadline is the next day after that — April 18.

This year you will have a few more extra days to work on your taxes. But don’t wait until the last minute! Complete your taxes and get to the post office early if you still file a paper return.

You can actually file as early as January 23rd this year. So get crackin’!

Tax Penalty if You Don’t File on Time

You will be penalized 5% (of the amount of additional taxes you owe beyond what you paid in) each month you haven’t filed. This penalty maxes out at 25% of the additional tax you owe.

So if you owe $100 in additional taxes, by May 18th you’d owe $105 ($100 plus the 5% penalty).

Wait to file more than 60 days after the tax deadline and you’ll face a minimum penalty of $135 or 100% of your tax, which ever is the smallest.

One important thing to note. Always file even if you cannot pay. The penalties for not filing listed above are much steeper than the penalties for not paying. If you can’t file a complete return, file an extension.

Quick Tips for Filing On Time

Here are some things you can do to ensure you file on time by the deadline.

Add the tax deadline to your calendar right now! Paper calendar, digital calendar, etc. Set up the deadline or a reminder so you don’t forget.

Grab a checklist to ensure you know what forms to start looking for in the mail and in your inbox. Check the items off as they come in. That leads to me next point…

Start a file folder (digital and/or physical) for keeping all of your forms in one place. Once you’re ready to file you’ll know exactly where to find everything.

More Tax Deadlines in 2017

January 31, 2017 – This is the date by which you should have received a W-2 from employers you worked for during the tax year. If not, contact their HR/Payroll department to resend tax documents

March 15, 2017 – Last day for corporations to file their 2016 taxes using Forms 1120, 1120A, and 1120S. They can also file an extension using Form 7004.

April 18 2017 – Last day to file 2016 taxes as an individual. Extension Form 4868 should be filed if you can’t complete your return on this date. Payment needs to be made, though.

May 15, 2017 – Last day for non-profits to file their 2016 Form 990.

September 15, 2017 – Last day for corporations to file extended returns.

October 15, 2017 – Last day for individuals to file extended returns.

Let’s hope that we don’t have another delay from the IRS this year due to any last minute tax law changes enacted by Congress. This page will be updated if there are any delays in dates of return acceptance by the IRS.

Software You Can Use on the Last Day to File Taxes

TurboTax – TurboTax offers free online filing for federal tax returns as well as discounted software for more extensive returns. Every year I didn’t have a business I filed my tax returns using TurboTax and the process was extremely simply.

H&R Block – H&R Block is better known for their brick and mortar branches, but now they’ve amassed a fantastic online option. Whether you need a free federal file, deluxe or business package, H&R Block can deliver. And from now until the end of tax season, they’re offering 25% off their services.

FreeTaxUSA – Owned by TaxHawk, FreeTaxUSA was founded in 2001 and has been provided free federal tax returns for over a decade. There is no fee for returning users to roll over previous years tax data and the costs for state or deluxe filers is much lower than other sites ($12.95 / $5.95 respectfully).

So that’s the who, when, and where of tax deadlines this year. Now you know the last day to file taxes. Are you planning on filing as soon as possible or waiting until the 18th of April?

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Last Edited: January 31, 2017 @ 6:52 amThe content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

About Philip Taylor

Philip Taylor, aka "PT", is a CPA, financial writer, podcaster, FinCon Founder, husband, and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or Google+. Listen to the new podcast, Masters of Money!

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Comments

A couple of years ago, I decided to use TurboTax over my certificated accountant. One of the reasons is I am always on a business trip and can’t really meet her up. But the biggest reason is that those tax software are very helpful nowadays. If you don’t know much about the entire process, TurboTax gives you step by step instruction to show you how to get it done. I am very familiar with it already so I always choose the items to work on directly. More than like, it gives you a comparison chart so you can compare it with last year’s figures side by side. The feelings you can get it done on your own is simply awesome. Just in case you get audited in the future and need some advice, make sure you purchase additional service “MAX Assist & Defend” from TurboTax. Hope I won’t need it but at least it gives me a peace of mind.

I use TurboTax, plan to file my taxes before the end of this month. Had to wait for Schedule K to show up – it is pain to own a master limited partnership (MLP). I made decent money, however, it was a pain to enter all the information in. For this one reason, I have decided to never buy an MLP again.

@Heath1bare Banks issue forms 1099 for interest earned or form1098 for mortgage interest paid rather than W-2 forms issued by employers. If your interest earned is less than $10 per year, there would be no 1099 issued.

About PT

Hi, I'm Philip Taylor. I'm a husband, father, blogger, CPA, and entrepreneur. I love learning to do more with my money and sharing it all here with you. Join in on the conversation and start improving your financial life today. Read more...

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The content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice.